What Is the Strike Price on a Pluang Options Contract?

The strike price on a Pluang options contract — also called the exercise price — is the fixed price at which a call or put option is measured against the underlying asset's market price at expiry or upon exercise. It is set and locked in the moment you buy the contract and never changes for the life of that contract, no matter how far the underlying asset's price moves afterward. A call option carries value once the market price rises above the strike; a put option carries value once the market price falls below the strike. Because Pluang's US Stock Options are American-style, a contract can be exercised — or a short position assigned — at any point before expiry, not only on the expiry date itself, so the strike price stays the reference point for the entire life of the contract, not just at the very end.

• Fixed at purchase, not at settlement: The strike price is written into the contract terms the instant you buy it. Only the underlying asset's market price keeps moving after that — the strike is the one fixed number in the equation.
• ITM, ATM, OTM depend on strike vs. market price: For a call, the contract is in-the-money (ITM) when market price is above the strike, at-the-money (ATM) when the two are equal, and out-of-the-money (OTM) when market price is below the strike. For a put, the relationship flips: ITM when market price is below the strike, OTM when market price is above it.
• Strike choice affects the premium: Pluang's options chain lists multiple strike prices per underlying asset and expiry date. Strikes near the current market price (ATM) usually carry a higher premium because they have a greater probability of finishing with value; strikes further away (OTM) are cheaper to buy but need a larger price move to pay off.
• American-style exercise and expiry-day handling: Because the contract is American-style, exercise (for buyers) or assignment (for short sellers) can occur any trading day before expiry, not only when the contract expires. On expiry day itself, Pluang force-closes any options position still open roughly one hour before market close, rather than letting it run through to a passive cash settlement — so the strike price is being checked against the market throughout the contract's life, and the position is actively closed out, not automatically settled at a single reference moment.
• Where to check it: Current available strike prices for any underlying asset and expiry are shown directly on the options chain in the Pluang app before you place an order.

Related questions:

Q: Can the strike price of my Pluang options contract change after I buy it?
No — the strike price is fixed the moment you buy the contract and stays constant for its entire life, regardless of how far the underlying asset's market price moves afterward. Only the market price itself, and the resulting in-the-money, at-the-money, or out-of-the-money classification, change as trading continues. The strike is a static term written into the contract the moment you purchase it, not a variable that Pluang, the exchange, or the market adjusts later — it is the one fixed reference point in an otherwise moving contract.

Q: What does "out-of-the-money" mean for a Pluang options contract?
Out-of-the-money (OTM) means the contract has no value if measured against the current market price right now — for a call, this is when the market price sits below the strike; for a put, it's when the market price sits above the strike. An OTM contract can still gain value before expiry if the underlying asset moves in the right direction, which is why OTM contracts are cheaper to buy but require a bigger price swing to become profitable than an at-the-money contract would.

Q: Why do strike prices closer to the current market price cost more on Pluang?
At-the-money strikes have a higher probability of finishing with positive value than far out-of-the-money strikes, so the market prices their premium higher to reflect that greater likelihood. Strikes further from the current price are cheaper precisely because they need a bigger, less likely price move to pay off, so buyers pay less upfront in exchange for accepting lower odds that the position ends up in-the-money by expiry.

Q: Can I exercise a Pluang options contract before its expiry date?
Yes — Pluang's US Stock Options are American-style, which means the contract can be exercised by the buyer, or assigned to the seller, at any point before expiry, not only on the expiry date. This differs from European-style options, which can only be exercised at expiry, so short-option sellers on Pluang should be aware that early assignment is possible at any time the contract is in-the-money, not just as expiry approaches.